looks like my deal on a house is falling through

[heatherrae]

go deal with the bank then, hell, they'll bust ass not to be hung with a house in most cases...

I'm dealing with the bank, too. The banker really took a liking to me (thinks I'm a good, respectable gal) and said he was working on it. He said he is also going to start sending me their foreclosure work. So, no matter what happens, something good came of it.

 

[Creepusmaximus]

I had the title run and there are some clouds on the title that the owner isn't wanting to clear up.



I was going to give devin a new house as part of his b-day at the end of this month.

maybe it will still happen.

crosses fingers.

Clouds bad, stay away from crap like that. Might be a thunder storm you don't see.

 

[EZ_E]

I don't believe so...I did an FHA loan on my first house I bought and don't remember anything like that.

On an FHA loan your debt ratio cannot be any higher than 41%. In English, that means your mortgage payment (which would 100% HAVE TO include escrow) cannot be more than 41% of your gross monthly income.

Heather, how do you file taxes?

 

[miplank]

On an FHA loan your debt ratio cannot be any higher than 41%. In English, that means your mortgage payment (which would 100% HAVE TO include escrow) cannot be more than 41% of your gross monthly income.

Heather, how do you file taxes?

thanks...I couldn't remember what the DTI% was.


also...IMO i think it's wise to put as much $$$ as you can down on the house your looking at. Not only will it make your payment lower, but with the economy the way it is, having some equity in your house is nice.

 

[jnevin]

On an FHA loan your debt ratio cannot be any higher than 41%. In English, that means your mortgage payment (which would 100% HAVE TO include escrow) cannot be more than 41% of your gross monthly income.

Heather, how do you file taxes?

You can get them through with a higher DR.

Although if she's concerned with her salary being high for that program I'm sure it's a non-issue.

 

[heatherrae]

On an FHA loan your debt ratio cannot be any higher than 41%. In English, that means your mortgage payment (which would 100% HAVE TO include escrow) cannot be more than 41% of your gross monthly income.

Heather, how do you file taxes?

I file as head of household. I'll just be upfront. I make right at 100k per year and the house is only $147,000. I do have about $57,000 in student loans and $12,000 left to pay on my car note. I have no credit card or other debts.

 

[heatherrae]

thanks...I couldn't remember what the DTI% was.


also...IMO i think it's wise to put as much $$$ as you can down on the house your looking at. Not only will it make your payment lower, but with the economy the way it is, having some equity in your house is nice.

yes, that is true. However, I would have a bit of instant equity in this house because it appraised for higher than the loan. The payment would be only slightly higher than my rent. Plus, I would get the interest deduction. The interest rate would be at only 5% too. Soooooo, that is why I wanted to do it this way.

 

[NEO1]

They stopped payin you in roadkill?

Damn...KY certainly has changed ;P



Seriously, good luck. The gf and I are having similar stupid realtor issues currently...SUX

I file as head of household. I'll just be upfront. I make right at 100k per year and the house is only $147,000. I do have about $57,000 in student loans and $12,000 left to pay on my car note. I have no credit card or other debts.

 

[heatherrae]

They stopped payin you in roadkill?

Damn...KY certainly has changed ;P



Seriously, good luck. The gf and I are having similar stupid realtor issues currently...SUX

yeah, good luck to you.

I just wanted to get Devin into a house. It seems the grown-up, responsible thing to do to put down roots for him and get him out of this apartment.

Anyone have $8,000 to lend me? LOLOLOLOL

 

[miplank]

yes, that is true. However, I would have a bit of instant equity in this house because it appraised for higher than the loan. The payment would be only slightly higher than my rent. Plus, I would get the interest deduction. The interest rate would be at only 5% too. Soooooo, that is why I wanted to do it this way.

I got ya!

I wasn't sure because you never mentioned what the house was appraised for.

Can I make another suggestion?


Always pay extra on your mortgage. Round it up. Doesn't have to be a lot, but do what you can afford.

My mortgage is $1505.xx, so I always round it up to atleast $2000. So even at an extra $500, it ends up being 4 extra principle only payments per year. Adds up quick.

I never pay less than an extra $500 onto my mortgage. I'm 26 yo, and i'm gonna pay this friggin house off as soon as possible.

I kinda took this from the theory of working backwards from your ammortization schedule. Only my way is like a souped up version of it. hehe